The former director and chief executive officer of healthcare technology startup Biofourmis Holdings, Kuldeep Singh Rajput, was set to be charged in a Singapore court on Feb. 4 for his alleged involvement in a series of financial crimes, according to a statement released by the Singapore Police Force on Tuesday and reported by the Business Times.
The Business Times in Singapore identified the accused as Kuldeep Singh Rajput, the company's founder and former CEO, who stepped down from his role in August 2023.
Rajput was also the head of Gandharvi Racing, which has been active in racing and bloodstock globally in recent years.
The report states that police have said Rajput will face charges including falsification of accounts, fraud by false representation, and forgery for the purpose of cheating. According to investigations, Rajput allegedly instigated company staff to falsify invoices between Aug. 18, 2021, and Feb. 28, 2022, which purportedly showed that Biofourmis Singapore had provided nearly $16.5 million worth of services to Singapore's Ministry of Health.
Authorities said the services were not rendered. Rajput is also accused of making, and abetting the making of, false representations concerning Biofourmis Holdings and its subsidiaries between March and April 2022. In addition, he allegedly forged an employee stock option plan offer letter with the intent to deceive a bank in connection with a proposed funds transfer.
If convicted of fraud by false representation or abetting such an offence, Rajput faces a potential sentence of up to 20 years' imprisonment, a fine, or both, per charge.
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